The Real Deal Miami

Distressed property deals may mean better future for Fort Lauderdale strip

January 09, 2012 12:15PM

The Las Olas Riverfront

Two deals for distressed properties along the New River may help reinvigorate an important strip in downtown Fort Lauderdale, the Sun Sentinel reported.

Miami-based company Cymbal Development purchased a six-acre site on the south side of the river in late December and another investment group spent $16.7 million last summer for a landmark building, the Las Olas Riverfront, in the area, the Sentinel said. Combined with roughly 2,000 rental units proposed nearby, they may be important for future development downtown, said Chris Wren, executive director of the Downtown Development Authority.

“Downtowns, like any communities, need to grow,” he said.

Cymbal President Asi Cymbal, said the company’s site has the potential to transform the surrounding community.

“It’s not about building a box,” he said. “It’s about contributing to the community.” [Sun Sentinel]